.svg)
The US Federal Reserve has postponed the planned implementation of the ISO 20022 message format for the Fedwire® Funds Service from March 10 to July 14, 2025, with a final "go" or "no go" decision to be announced by June 27.
The Federal Reserve has pushed back its ISO 20022 deadline “after careful consideration of industry requests and assessment of customer readiness”.
Despite saying that “the industry has made significant progress and accomplished many key milestones”, the US regulator has allowed firms additional time to prepare for the transition.
The Fedwire Funds Service will continue using the existing FAIM 3.0.7 message format until July.
Several regulators worldwide have adopted or are in the process of implementing ISO 20022.
For example, Swift began its migration for cross-border payments and reporting (CBPR+) in March 2023, with full implementation expected by November 2025.
The European Central Bank (ECB), meanwhile, transitioned its TARGET2 system to ISO 20022 in March 2023 and the Bank of England plans to implement ISO 20022 for the CHAPS payment system by November 2025.
